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(Kitco News) - Comex gold prices ended the U.S. day session modestly higher Wednesday. The gold market bulls were impressed by the yellow metal’s ability to hold gains despite bearish “outside markets” that included a firmer U.S. dollar index and sharply lower crude oil prices. Gold and silver bulls are in near-term technical control as the market place awaits fresh fundamental inputs just ahead. December gold last traded up $3.40 at $1,779.00 an ounce. Spot gold was last quoted up $2.90 an ounce at $1,778.00. December Comex silver last traded down $0.044 at $32.62 an ounce.

The market place was subdued Wednesday. U.S. economic data was issued with no major surprises, and the precious metals showed little reaction. There was some more weak economic data coming out of China overnight, as the Chinese non-manufacturing purchasing managers index fell in September, while consumer sentiment also weakened last month. Meantime, retail sales data in the 17 countries of the Euro zone rose slightly in August, for the fourth straight monthly gain. China is on holiday this week, celebrating Golden Week.

There will be important U.S. economic data released Thursday and Friday, including the FOMC minutes on Thursday and the employment report on Friday. The market place will also monitor the U.S. presidential debate Wednesday night. In Europe, the European Central Bank and Bank of England hold meetings Thursday. The Bank of Japan holds its monthly meeting Thursday and Friday.

The U.S. dollar index was firmer Wednesday, on short covering in a bear market. The U.S. dollar bears still have the solid overall near-term technical advantage. Meantime, Nymex crude oil prices were sharply lower Wednesday, partly on the weak China economic data. Crude oil bears gained fresh downside near-term technical momentum Wednesday. These two key “outside markets” will continue to have a significant daily influence on gold and silver prices.

The London P.M. gold fixing is $1,775.25 versus the previous P.M. fixing of $1,775.50.

Technically, December gold futures prices closed near mid-range Wednesday on more chart consolidation. Gold bulls still have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the 2012 high of $1,800.90. Bears’ next near-term downside price objective is closing prices below solid technical support at last week’s low of $1,738.30. First resistance is seen at Wednesday’s high of $1,784.00 and then at the September high of $1,790.00. First support is seen at Wednesday’s low of $1,773.00 and then at this week’s low of $1,765.70. Wyckoff’s Market Rating: 8.0

December silver futures prices closed nearer the session low Wednesday and saw more mild profit taking and some chart consolidation. Silver bulls are still in firm near-term technical command. Prices are in a 10-week-old uptrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $36.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $33.36. First resistance is seen at $35.00 and then at this week’s high of $35.445. Next support is seen at Wednesday’s low of $34.515 and then at this week’s low of $34.21. Wyckoff’s Market Rating: 8.0.

December N.Y. copper closed down 210 points at 378.00 cents Wednesday. Prices closed near mid-range. The key “outside markets” were in a bearish posture for copper Wednesday as the U.S. dollar index was firmer and crude oil prices were sharply lower. Copper bulls still have the overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the September high of 383.95 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 364.00 cents. First resistance is seen at 380.00 cents and then at this week’s high of 382.25 cents. First support is seen at Wednesday’s low of 376.10 cents and then at 375.00 cents. Wyckoff’s Market Rating: 6.0.

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